Thailand · Delayed Price · Currency is THB True Corporation PCL Earnings Call Transcripts
Fiscal Year 2025
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Achieved first full year of profitability in 2025, with strong EBITDA growth and reduced leverage. Guidance for 2026-2028 targets higher EBITDA margins, lower CapEx intensity, and increased dividend payout, supported by digital transformation and AI initiatives.
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Q3 2025 marked a major operational milestone with the completion of network integration, driving an 8% year-on-year EBITDA growth and improved margins. Despite macroeconomic headwinds and subscriber churn, fundamentals are strengthening, and a 125% payout interim dividend was declared.
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Service revenue and EBITDA remained stable after normalizing for a major network outage, with ongoing transformation and cost efficiencies supporting profitability. 2025 guidance was revised downward due to macroeconomic headwinds, but long-term targets and a strong dividend policy remain intact.
Fiscal Year 2024
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EBITDA grew 14.5% year-on-year in 2024, with service revenue up 4.6% and strong cost discipline driving margin expansion. 2025 guidance targets 2%-3% service revenue growth, higher EBITDA margin, and continued deleveraging, with reported profitability and a dividend payout above 50% of net profit.
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EBITDA grew for the seventh consecutive quarter, reaching THB 25 billion, with normalized net profit at THB 3.1 billion in Q3. Network modernization and digital expansion drove operational gains, while leverage fell to 4.4x. Dividend discussions are expected in 2025.
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Q2 2024 saw robust EBITDA and service revenue growth, improved margins, and a significant reduction in net debt. Upgraded full-year guidance reflects strong ARPU, cost synergies, and network modernization, with ongoing one-time costs expected until Q3 2025.